9 Helpful Tips to Guide You Through Obamacare Open Enrollment

People who experience financial hardship due to COVID-19 can ask their insurance company about extending the grace period for their monthly payment (also known as a premium). Individuals who don’t receive federal financial assistance with their premiums generally can pay up to a month late without having their insurance terminated. People who do receive financial assistance usually get a three-month grace period for late payments. The grace period varies by state law, so you will need to call your insurance company for details. You may also qualify for a cheaper plan if your income changed during the pandemic. (You can update your application with recent income information using your Healthcare.gov account to see if cheaper plans are available.)

If you don’t have insurance, now is a good time to research affordable plans. There are no laws requiring hospitals to waive COVID-19 treatment costs for uninsured patients, so if you get coronavirus in the future, you may have to pay all the associated medical bills, according to KFF.

Insurance companies vary in coverage, so you’ll want to call and ask about their specific benefits if anything is unclear. Due to the pandemic, many doctors started offering virtual visits using Zoom or even FaceTime. Most insurance companies cover some form of telehealth, but again, you’ll need to check with your specific provider about what is covered.

5. ACA insurance options may be a bit more affordable than last year.

There’s a chance you could find good coverage for a lower price this year. ACA premiums are dropping throughout the country, according to an October 2020 report from the Department of Health & Human Services. Monthly premiums have increased since the ACA was introduced in 2017, but the average 27-year-old and family of four can both find a silver plan (the second cheapest) for 2% less next year compared to 2020, according to the report. So, not a ton, but every little bit helps.

For background, the marketplace includes four tiers of plans that reflect their monthly cost: bronze, silver, gold, and platinum. All plans are required to cover what the Obama administration dubbed “essential health benefits.” These include a yearly checkup, a well-woman visit, and mental health services. Bronze plans are the lowest-cost plans per month, but they have the highest deductibles (how much you have to pay for services before your insurance kicks in), so you’ll pay more out of pocket. Silver, gold, and platinum plans, on the other hand, have higher monthly costs but cover more services.

6. You may be eligible for financial assistance that lowers your insurance costs.

Depending on your income level, you might qualify for insurance assistance that keeps your out-of-pocket payments as low as possible. For instance, people who make between 100% and 400% of the federal poverty level ($12,760 to $51,040 for one person, and $26,200 to $104,800 for a family of four) and don’t qualify for other forms of insurance may receive premium tax credits to lower the cost of their premiums, according to KFF. Those with silver plans who qualify for premium tax credits and make between 100% and 250% of the federal poverty level specifically ($12,760 to $31,900 for one person, and $26,200 to $65,500 for a family of four) may be eligible for additional cost-reducing subsidies.

It’s estimated that more than 5.3 million people who shop on the exchanges qualify for these subsidies. You can find out if you’re eligible for a lower-cost plan or insurance assistance on the HealthCare.gov website (or your state’s insurance website if that’s the exchange you need to use).

7. You should always shop around before buying in order to make an informed decision.

Experts say that because there has been such uncertainty and change in the marketplace, it’s important to not auto-enroll in whatever plan you had last year—after all, you may qualify for a cheaper plan this year. It’s also not uncommon for insurers to tweak plans from year to year, and that could impact anything from your prescription drug coverage to your primary care doctor no longer being in-network.

https://www.self.com/story/obamacare-open-enrollment-facts, GO TO SAUBIO DIGITAL FOR MORE ANSWERS AND INFORMATION ON ANY TOPIC

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